Different Forms of Disability Insurance

There are essentially two forms of Disability insurance available to people in North America. The first form being long-term disability insurance and the second being short or limited term disability insurance. There are a few factors that will be dependent on your work situation – in some instances you employer may pay for your disability life insurance. People that are not covered by their workplace may need to look into long or short term disability cover because they want to be protected.

Application Process

When you apply for a disability insurance policy in the United States or Canada you will likely have a similar application process no matter what company you are working with.

The application doesn’t always need the following but these are pretty typical no less:

• Completion of a electronic or paper application

• Medical exam

• A quick phone interview

• Tax returns to use as proof of an income

Usually you can get covered for Disability insurance within 4-6 weeks but it can be quicker for many companies (and longer with other providers).

One thing that people have a hard time with when trying to get disability insurance is deciding whether they should get a long or a short term policy. Long term policies are made to start paying out benefits after 3 months of becoming disabled and could pay out for upwards of 5 years. Although this type of policy is more expensive, it is also very useful to many people.

Both forms of disability insurance can be designed for your budget and specific situation – with most providers anyway. It is always a top priority to work with a life insurance specialist that can help you with your specific; especially with something like a disability insurance policy.